A15, a leading venture capital firm supporting entrepreneurs in the MENA region, has announced it is the first investor in one of Egypt’s latest start-ups to successfully launch, Sympl – which is set to disrupt the country’s consumer payments sector.
Focused on tech start-ups and with a long track record in generating value for FinTechs, A15 is a key partner both in capital investment but also knowledge and experience. A15 invests in its portfolio companies at an early stage, working closely with the founders to generate value across different channels. As well as providing an invaluable support network for founders, A15 also supports start-ups operationally, through product development or technology integrations, and preparing for future funding rounds and exit strategies.
A15’s partnership with Sympl – whose co-founders experience includes co-creating leading consumer finance company ValU and B2B commerce platform Capiter – ideally positions both companies. With A15’s early investment in the start-up, the venture capital firm was able to support in the development of the Sympl checkout platform and successfully help to bring it to launch. Together, both companies will continue to drive innovation in Egypt’s payments sector and contribute to Egypt’s ongoing commitment to a transition to a cashless society.
Karim Beshara, General Partner at A15, commented:
“At A15, we are committed to partnering with strong founding teams in the very early stages of their ventures, where we can work closely together to unlock value. We pride ourselves on the close relationships we maintain with the founders and their teams, supporting them from the beginning as part of the A15 family. We are excited to have backed Sympl from day one and are proud of the early positive signs from their launch. We look forward to a continued close collaboration and scaling the business.”
Mohamed Elfeky, Chief Executive Officer of Sympl, said:
“A15 has been a crucial partner in the early stages of our growth. Their support in product development initiatives, tech integrations and connections to their start-ups ecosystem have been important in our early success. We look forward to continuing our partnership with them to drive innovation, provide new solutions for merchants and consumers, and contribute to the transition to a cashless society in Egypt.”
With over 30 investments in the MENA region to date, A15 is a leading promoter of entrepreneurship and innovation. In September 2018, A15 announced it had successfully sold a 76% stake in its FinTech portfolio company, TPAY, to leading African private equity firm Helios Investment Partners, making it the first fund to create a ‘Dragon’ – an exit that returns the value of the entire fund through the realized proceeds from a single investment – in the MENA region.
With the support of A15, Sympl’s “Save your money pay later” checkout platform successfully launched in October via an exclusive partnership with leading Apple reseller, Tradeline – on the release of the new iPhone 13. Other partnerships have been established with key retailers in the electronics and appliances sector (2B), jewellery (Al-Mawardy Jewelry, Damas, and Jawhara), auto parts (Your Parts), hypermarket (Hyperone) sectors, and covering merchants in an array of other categories such as furniture, fashion, travel and medical services.
Since the launch, Sympl has reported a lot of traction from customers using Sympl technology on the platforms of existing merchants, as well as a long pipeline of merchants who want to partner to embed Sympl to enhance their customer checkout experience.